Britain's Prime Minister Gordon Brown announced he'll resign... as the chief of the Labor Party. Brown said he'll leave his post by September at the latest. Meanwhile, the Labour party... is to begin negotiations with the Liberal Democrats, over the POSSIBILTY of forming a new coalition government.

Brown says the Labour Party, which came second to the Conservatives in Thursday's election, will hold a leadership contest to replace him. He says he will continue to focus on talks aimed at breaking Britain's election deadlock.

Gordon Brown, British Prime Minister, said, "But I have no desire to stay in my position longer than is needed to ensure the path to economic growth is assured, and the process of political reform we have agreed moves forward quickly. The reason that we have a hung parliament is that no single party, and no single leader was able to win the full support of the country. As leader of my party, I must accept that that is a judgment on me. I therefore intend to ask the Labour Party to set in train the processes needed for its own leadership election."

Brown added that Liberal Democrat leader Nick Clegg had asked to begin formal coalition talks with the Labour Party, over forming a center-left alliance.